N.Y. General Municipal Law § 107: Claims against political subdivisions; contractor's undertaking

§ 107. Claims against political subdivisions; contractor's

undertaking. A contractor under a contract heretofore or hereafter made

or awarded by any political subdivision, or by any officer, board or

agency thereof, or of any district therein, in case any claim or notice

of claim for injury or damage to person or property arising out of or in

connection with the performance of such contract, be made against or

filed with such municipality or district therein, may file with the

fiscal officer of such political subdivision or district therein an

undertaking as prescribed in this section, and thereupon such fiscal

officer shall be authorized to make payments to such contractor pursuant

to the terms of such contract. Such undertaking shall be executed with

such sureties, in such form and for such amount as the fiscal officer of

such political subdivision or district therein may prescribe, and shall

be conditioned for the payment by such contractor of any judgment which

may be recovered in an action brought upon such claim.